CNOOC Ltd.'s Proposed Guaranteed Notes Assigned 'AA-' And 'cnAAA' Ratings

HONG KONG (Standard&Poor's) April 28, 2015--Standard&Poor's Ratings Services today assigned its 'AA-' long-term issue rating and 'cnAAA' long-term Greater China regional scale rating to the proposed issues of fixed-rate notes that CNOOC Ltd. will unconditionally and irrevocably guarantee. CNOOC Finance (2015) Australia Pty Ltd and CNOOC Finance (2015) U.S.A. LLC, two newly established special purpose entities, will issue the notes. The ratings on the notes are subject to our review of the final issuance documentation. CNOOC Ltd. intends to use the issuance proceeds for general corporate purposes. The rating on CNOOC Ltd. reflects the company's 'a' stand-alone credit profile and our opinion that there is an "extremely high" likelihood that the government of China will provide

...HONG KONG (Standard & Poor's) April 28, 2015--Standard & Poor's Ratings Services today assigned its '##-' long-term issue rating and 'cnAAA' long-term Greater China regional scale rating to the proposed issues of fixed-rate notes that CNOOC Ltd. will unconditionally and irrevocably guarantee. CNOOC Finance (2015) Australia Pty Ltd and CNOOC Finance (2015) U.S.A. LLC, two newly established special purpose entities, will issue the notes. The ratings on the notes are subject to our review of the final issuance documentation. CNOOC Ltd. intends to use the issuance proceeds for general corporate purposes. The rating on CNOOC Ltd. reflects the company's 'a' stand-alone credit profile and our opinion that there is an "extremely high" likelihood that the government of China will provide sufficient and timely extraordinary support to the company in the event of financial distress. We expect CNOOC Ltd.'s effective cost controls and prudent capital spending to help the company withstand low oil prices....

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